AEV nets P21.6B

Conglomerate Aboitiz Equity Ventures Inc. chalked up P21.6 billion in net profit last year, down by 4 percent due to non-recurring losses from asset impairment and debt prepayment costs.

Stripping out one-off items, AEV’s core net income in 2017 was 5 percent higher at P23.9 billion, AEV disclosed to the Philippine Stock Exchange on Friday.

For the fourth quarter alone, AEV grew its net profit by 6 percent year-on-year to P5.7 billion. This was despite non-recurring losses of P1.1 billion – which were much than last year’s nonrecurring loss of P330 million – primarily due to an asset impairment cost. These one-off losses were partially offset by a one-time recognition of lower interest expense from an acquired loan and by foreign exchange gains.

Without one-off losses, AEV’s core net income for the quarter was 19 percent higher year-on-year at P6.8 billion.

Out of the total income contributions from the company’s business units for the full year, power accounted for 69 percent financial services, food, real estate, and infrastructure accounted for 18 percent, 7 percent, 3 percent, and 3 percent, respectively.